FELV vs. FFLV

Last updated Aug 5, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and FFLV (Fidelity Fundamental Large Cap Value ETF) are both Large Cap Value Equities funds from Fidelity. Both are actively managed. Over the past year, FELV returned 36.49% vs 33.97% for FFLV. Their correlation of 0.93 means they have usually moved in the same direction. FELV charges 0.18%/yr vs 0.38%/yr for FFLV.

Performance

FELV vs. FFLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Value ETF (FELV) and Fidelity Fundamental Large Cap Value ETF (FFLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FELV achieves a 24.21% return, which is significantly higher than FFLV's 19.24% return.

FELV

• 1D: 0.83%
• 1M: 5.09%
• 6M: 18.59%
• YTD: 24.21%
• 1Y: 36.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.06%

FFLV

• 1D: 0.85%
• 1M: 3.63%
• 6M: 13.59%
• YTD: 19.24%
• 1Y: 33.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FELV Fidelity Enhanced Large Cap Value ETF	$8.58M	$7.70M	$6.28M
FFLV Fidelity Fundamental Large Cap Value ETF	$226.71K	$143.42K	$105.18K

FELV vs. FFLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FELV Fidelity Enhanced Large Cap Value ETF	24.21%	15.80%	11.43%
FFLV Fidelity Fundamental Large Cap Value ETF	19.24%	16.04%	-0.71%

Correlation

The correlation between FELV and FFLV is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (All Time) Calculated using the full available price history since Feb 26, 2024	0.93

The correlation between FELV and FFLV has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

FELV vs. FFLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FELV

FELV Risk / Return Rank: 95
FELV Sharpe Ratio Rank: 96
FELV Sortino Ratio Rank: 96
FELV Omega Ratio Rank: 95
FELV Calmar Ratio Rank: 94
FELV Martin Ratio Rank: 96

FFLV

FFLV Risk / Return Rank: 95
FFLV Sharpe Ratio Rank: 96
FFLV Sortino Ratio Rank: 96
FFLV Omega Ratio Rank: 94
FFLV Calmar Ratio Rank: 93
FFLV Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FELV vs. FFLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) and Fidelity Fundamental Large Cap Value ETF (FFLV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FELV	FFLV	Difference
Sharpe ratio: Return per unit of total volatility	3.30	3.02	+0.28
Sortino ratio: Return per unit of downside risk	4.53	4.28	+0.25
Omega ratio: Gain probability vs. loss probability	1.60	1.54	+0.06
Calmar ratio: Return relative to maximum drawdown	5.35	4.71	+0.64
Martin ratio: Return relative to average drawdown	23.38	18.97	+4.41

FELV vs. FFLV - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 3.30, which is comparable to the FFLV Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of FELV and FFLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FELV vs. FFLV - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, roughly equal to the maximum FFLV drawdown of -16.71%. Use the drawdown chart below to compare losses from any high point for FELV and FFLV.

Drawdown Indicators

	FELV	FFLV	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-16.71%	+0.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-7.24%	+0.39%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.96%	-3.37%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.80%	-0.24%

Volatility

FELV vs. FFLV - Volatility Comparison

The current volatility for Fidelity Enhanced Large Cap Value ETF (FELV) is 2.46%, while Fidelity Fundamental Large Cap Value ETF (FFLV) has a volatility of 2.89%. This indicates that FELV experiences smaller price fluctuations and is considered to be less risky than FFLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELV	FFLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.89%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	8.36%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	11.33%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.31%	14.93%	-1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.31%	14.93%	-1.62%

FELV vs. FFLV - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than FFLV's 0.38% expense ratio.

Dividends

FELV vs. FFLV - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.39%, more than FFLV's 1.35% yield.

Position	TTM	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	1.39%	1.67%	2.02%	0.04%
FFLV Fidelity Fundamental Large Cap Value ETF	1.35%	1.60%	1.46%	0.00%

Frequently Asked Questions

Can I hold both FELV and FFLV in my portfolio?

With a correlation of 0.93, FELV and FFLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FELV or FFLV?

FFLV has higher volatility (2.89%) compared to FELV (2.46%). In terms of maximum drawdown, FELV dropped -16.08% vs FFLV's -16.71%.

Which ETF is better, FELV or FFLV?

On 1-year performance, FELV leads with 36.49% vs 33.97% for FFLV. On fees, FELV is cheaper at 0.18% per year. On volatility, FELV has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or FFLV?

Over the 1-year period, FELV has performed better with a 36.49% return vs 33.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or FFLV?

FELV is cheaper with a 0.18% expense ratio, compared with 0.38% for FFLV.

Which ETF pays a higher dividend yield, FELV or FFLV?

FELV has the higher dividend yield at 1.39%, compared with 1.35% for FFLV.

What is the main difference between FELV and FFLV?

Their fees differ too: 0.18% for FELV and 0.38% for FFLV.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (3.30 vs 3.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.